The bill provides the city of St. Cloud with special tax increment financing (TIF) authority, allowing it to establish one or more redevelopment districts in specific areas, including the Division Street corridor and the Central Business District. The designated parcels for redevelopment are identified by their tax identification numbers, which include various catalyst sites in both Stearns and Benton Counties.

Additionally, the bill outlines special rules that apply if the city or its economic development authority establishes a TIF district. These rules stipulate that the districts will meet the requirements of existing Minnesota statutes regarding TIF, and that expenditures related to the development of the identified properties will also comply with statutory requirements. Furthermore, it allows for the use of tax increments generated from these districts to fund the reconstruction and expansion of adjacent public infrastructure, ensuring that all related expenditures are considered as activities within the district. The bill will take effect once the city of St. Cloud and its chief clerical officer fulfill specific compliance requirements.